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      Money for Nothing: Government  Co-contribution Scheme


  

  

    
      

It’s not often money is given away but the federal government’s generous co-contribution scheme is a great way to boost your retirement savings without burning a hole in the back pocket.
While the scheme is not new, considering the current economic gloom there is no better time than the present to boost your super savings.
Under the program, those who earn up to $60,342 are eligible to receive a tax-free injection from the Australian Tax Office of up to $1,500 into their superannuation fund.
To be eligible, members must make a voluntary payment during the financial year of up to $1,000 (less than $20 per week) from their post-tax savings into their super fund. That’s a return of 150% on your savings - odds I’d like to see every day!
A little can add up to a lot over time
The government’s contribution is calculated on a sliding scale, so for example, if a person earning less than $30,342 per year makes a voluntary payment of just $200 into their super fund, the government will contribute $300, and so on, up to $1,500.
What starts off as a free kick from the government will look all the more like an exceptional deal when their superannuation balances have benefited from years of compounding growth.
Intrust Super encourages all employers to help their employees by spreading the word about this government top-up scheme. 
The benefits will be felt via higher staff savings down the line and it doesn’t cost employers a cent. Your employees will be investing in their future in one of the most tax-effective investment vehicles available; superannuation.
It really is a case of something for nothing – as long as the employee is prepared to make their own post-tax contribution.
Those eligible for the co-contribution must earn a total annual income of less than $60,342 per year and make a post-tax super contribution by June 30 into a complying fund.
They must also be younger than 71 years, an Australian resident and have earned at least 10% of their income from employment or running a business. 
To download the full Tips for Superannuation in a  PDF version click here
      		
  







  

    
      

            

  

	




															
							

								
 
									
								

								
 
									
																	
										

											
 
												
													
													

														

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Superannuation


From Little Things Big Things Grow –  Despite a Hiccup or Two

To say the last 12 months have come as a shock for people thinking of retirement is understating the obvious. 
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Money for Nothing: Government  Co-contribution Scheme

It’s not often money is given away but the federal government’s generous co-contribution scheme is a great way to boost your retirement savings without burning a hole in the back pocket.
more...